Zain Saudi signs $600m loan

Riyadh, June 5, 2013

The three-year murabaha facility - a sharia-compliant cost-plus-profit arrangement - will be used to refinance an existing deal which had been extended beyond its original maturity date, Zain Saudi said in a bourse statement.

Kuwait-listed parent Zain, which owns a 37 percent stake in the firm, has given "an unconditional and irrevocable guarantee" for the facility.